L'Occitane International Beneish M-Score Historical Data
The historical data trend for L'Occitane International's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
L'Occitane International Beneish M-Score Chart
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L'Occitane International Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.21 |
-3.14 |
-2.94 |
-2.23 |
-2.52 |
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L'Occitane International Semi-Annual Data
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Mar14 |
Sep14 |
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Sep23 |
| Beneish M-Score |
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-2.23 |
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-2.52 |
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Competitive Comparison of L'Occitane International's Beneish M-Score
For the Household & Personal Products subindustry, L'Occitane International's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
L'Occitane International's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, L'Occitane International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where L'Occitane International's Beneish M-Score falls into.
L'Occitane International Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of L'Occitane International for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0725 | + | 0.528 * 1.0207 | + | 0.404 * 1.0087 | + | 0.892 * 1.1688 | + | 0.115 * 1.0042 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9806 | + | 4.679 * -0.065721 | - | 0.327 * 0.8899 |
| = | -2.52 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was HK$2,156 Mil.
Revenue was HK$17,938 Mil.
Gross Profit was HK$14,438 Mil.
Total Current Assets was HK$6,791 Mil.
Total Assets was HK$23,667 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,335 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,326 Mil.
Selling, General, & Admin. Expense(SGA) was HK$11,377 Mil.
Total Current Liabilities was HK$5,469 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4,354 Mil.
Net Income was HK$967 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$2,523 Mil.
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Total Receivables was HK$1,720 Mil.
Revenue was HK$15,347 Mil.
Gross Profit was HK$12,608 Mil.
Total Current Assets was HK$7,828 Mil.
Total Assets was HK$25,924 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,392 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,357 Mil.
Selling, General, & Admin. Expense(SGA) was HK$9,927 Mil.
Total Current Liabilities was HK$7,251 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4,840 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (2155.897 / 17938.473) | / | (1719.836 / 15347.145) |
| = | 0.120183 | / | 0.112062 |
| | = | 1.0725 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (12607.933 / 15347.145) | / | (14438.087 / 17938.473) |
| = | 0.821517 | / | 0.804867 |
| | = | 1.0207 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (6790.571 + 3335.193) / 23667.343) | / | (1 - (7827.538 + 3391.528) / 25924.432) |
| = | 0.572163 | / | 0.56724 |
| | = | 1.0087 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 17938.473 | / | 15347.145 |
| | = | 1.1688 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (1356.894 / (1356.894 + 3391.528)) | / | (1326.464 / (1326.464 + 3335.193)) |
| = | 0.285757 | / | 0.284548 |
| | = | 1.0042 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (11377.329 / 17938.473) | / | (9926.677 / 15347.145) |
| = | 0.634242 | / | 0.646809 |
| | = | 0.9806 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((4353.995 + 5469.031) / 23667.343) | / | ((4840.392 + 7250.96) / 25924.432) |
| = | 0.415046 | / | 0.466408 |
| | = | 0.8899 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (967.306 - 0 | - | 2522.744) | / | 23667.343 |
| | = | -0.065721 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
L'Occitane International has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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